diff --git a/django/db/models/expressions.py b/django/db/models/expressions.py
index 5b5a0ae4aa..0ea38f6f09 100644
--- a/django/db/models/expressions.py
+++ b/django/db/models/expressions.py
@@ -1157,6 +1157,8 @@ class Exists(Subquery):
         return clone
 
     def as_sql(self, compiler, connection, template=None, **extra_context):
+        # Update the queryset to only select '1' as a literal.
+        self.queryset = self.queryset.values(Value(1))
         sql, params = super().as_sql(compiler, connection, template, **extra_context)
         if self.negated:
             sql = 'NOT {}'.format(sql)
